Welsh homeowners spending less on mortgage repayments

HOMEOWNERS in Wales saw an 18% drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009, according to the latest mortgage affordability research released by Woolwich, the mortgage arm of Barclays.

HOMEOWNERS in Wales saw an 18% drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009, according to the latest mortgage affordability research released by Woolwich, the mortgage arm of Barclays.

In December 2008, homeowners in Wales were spending on average £175 of every £1,000 of their monthly take-home pay on their mortgages. A year later this had dropped to £143 – lower than any region in England.

The average monthly mortgage payments for homeowners in Wales now stands at £386, compared to £476 in December 2008.

Peter Vickery, Barclays regional director for Wales, said: “For 11 million (UK) households there is a silver lining to the recession – a substantial reduction in mortgage payments right when they need it most.”

Across North Wales, residents of Clwyd South and Conwy experienced the largest improvement in mortgage affordability, with a drop of 21% in the proportion of their income spent on repayments.

Ceredigion saw the smallest change with a six per cent decrease.

Meirionnydd Nant Conwy and Caernarfon are now the most affordable North Wales constituencies, with residents spending only £129 and £134 per £1,000 of income on mortgages.

Alyn and Deeside is among the 10 least affordable constituencies in Wales.